Overview

• On Aug 21, defence counsel argued that highlighting water treatment and downplaying Tuaspring’s energy details matched Hyflux’s core investor relations approach.
• Witness Winnifred Heap acknowledged the phrasing in a 2011 email about ‘playing down energy’ aligned with positioning goals, while noting uncertainties around the power business before operations began.
• Prosecutors earlier produced drafts showing references to selling excess electricity were removed, with PUB-vetted lines on a 411MW plant and grid sales later reinstated in the SGX release.
• Evidence included a journalist’s email relaying banks’ concerns that merchant-market power sales made cash flows hard to model, after which Olivia Lum told staff to give no comment.
• The case charges Olivia Lum and ex-CFO Cho Wee Peng over alleged non-disclosure tied to the Tuaspring announcement, as the collapsed venture left about 34,000 preference and perpetual holders facing roughly $900 million in losses.